The rating on Illinois Development Finance Authority bonds issued for the Sandwich Apartments Project is affirmed. The rating reflects: * The Section 8 project-based subsidy, provided by a Housing Assistance Payments (HAP) Contract under the U.S. Housing Act of 1937, covering 89 rental units in the project; * Debt service coverage (DSC) of 1.09 times debt service as of June 30, 1995; * Fully funded debt service reserve invested with Victory U.S. Government Obligations money market ('AAAm'); and * Full and timely payments on the mortgage note by the HUD-approved project owner and of principal and interest to bondholders. Standard&Poor's views Section 8 as a strong program, with a strong and flexible subsidy, and adequate protection against cost
